The debacle of Credit Suisse and its takeover by UBS does not ‘fundamentally’ change anything in the position and the strength of the Swiss financial center, believes the managing director of the bank Julius Baer, Philipp Rickenbacher. ‘She has all the elements to succeed’.
In addition to a wide range of banks of different sizes and business models, Switzerland benefits from a ‘real ecosystem’, such as the strong franc, political stability and a high level of education, lists Mr. Rickenbacher in an interview broadcast Monday by Le Temps. These elements ‘necessary for a major financial center […] prevail […] on the situation of a single institution’.
However, he recognizes that the media coverage of such an event influences the perception of the Swiss financial center abroad, ‘at least in the short term’. But there are two elements to note, he adds: ‘On the one hand, the difficulty that had to be resolved and, on the other, the fact that Switzerland managed to do so quickly with its own strengths’.
Asked regarding a possible influx of funds from Credit Suisse clients, the director of Julius Baer noted that there were movements last year. ‘The influx of collaborators [de Credit Suisse] and customers remained measured’, he adds. ‘We will see what will happen in 2023’.
/ATS
